Industry News by Nemesis

India’s Rough Trade Slows in June

July 18, 2016

India’s rough imports slumped in June reflecting a slowdown in demand for the raw material, while polished exports were flat.

The value of outbound shipments of polished hit $1.85 billion during the month, while the volume of exports fell 4 percent to 2.63 million carats, according to provisional data from the Gem and Jewellery Export Promotion Council (GJEPC). Polished imports rose 5 percent to $252 million. Net polished exports, the excess of exports over imports, slipped 1 percent to $1.59 billion.

Rough imports to the world’s largest manufacturing center plunged 20 percent to $1.2 billion, after De Beers reported a smaller sight in June, while maintaining a “cautious outlook” for the market. Rough exports surged 27 percent to $130 million.

India’s net diamond account, which is calculated as exports of both polished and rough minus imports to reflect the added value of India’s diamond trade, more than doubled to $519 million.

During the first half of the year, India’s polished exports fell 3 percent to $10.81 billion and rough imports rose 12 percent to $8.54 billion. The country’s net diamond account contracted by 24 percent to $1.6 billion for the six month period.